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SunTrust sees $26 mln charge for Amex/Visa pact

NEW YORK
Wed Nov 14, 2007 5:06pm EST
L. Phillip Humann, SunTrust Banks chairman, makes a point as he speaks at the Reuters Banking Summit in New York, March 10, 2005. SunTrust Banks Inc, the seventh-largest U.S. bank, said on Wednesday it expects to incur a $26 million fourth-quarter charge for its share of Visa Inc's $2.1 billion antitrust settlement with American Express Co. REUTERS/Jeff Christensen

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NEW YORK (Reuters) - SunTrust Banks Inc (STI.N), the seventh-largest U.S. bank, said on Wednesday it expects to incur a $26 million fourth-quarter charge for its share of Visa Inc's $2.1 billion antitrust settlement with American Express Co (AXP.N).

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Several other U.S. banks have also reduced previously reported third-quarter earnings or projected fourth-quarter results for Visa's November 7 settlement.

Analysts on average expected SunTrust to post a fourth-quarter profit of $1.45 per share, according to Reuters Estimates.

SunTrust disclosed the expected charge in a U.S. Securities and Exchange Commission filing.

(Reporting by Jonathan Stempel; Editing by Leslie Gevirtz)
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